in THE RETURN TO GOLD 285

sacrifice being the order of the day, we havein the spirit of self-immolation conceived thebrilliant contrivance of a “National” Govern-ment, the basis of which is that every member ofit agrees, so long as it lasts, to sacrifice what hehimself believes to be the only sound solutionfor our misfortunes.

For if we rule out Devaluation, which I per-sonally now believe to be the right remedy, butwhich is not yet the policy of any organisedparty in the State, there are three possible linesof procedure.

The first is to take the risks of brisk homedevelopment, as being preferable to enforcedidleness.

The second is to organise a general reduc-tion of wages, and, in the interests of socialjustice, of other money-incomes as well, so faras this is feasible.

The third is a drastic restriction of imports.

The “National” Government is pledged, ifI understand the position rightly, to avoid allthree. Their policy is to reduce the standardof life of as many people as are within theirreach in the hope that some small portion of thereductions of standard will be at the expenseof imports. Deliberately to prefer this to adirect restriction of imports is to be non composmentis.